Is this capital gains? Not my principal residence, removed my name from title when my daughter married and put her husbands name on?
I never lived in the residence, only my daughter. My name was on title and mortgage joint with her, she paid both monthly mortgage and property taxes. When she married, I had my name removed and her husband's name put on for the monetary amount of $1
Is this capital gains? Not my principal residence, removed my name from title when my daughter married and put her husbands name on?
It would be considered a disposition for tax purposes. You could claim the proceeds and ACB as the same amount to record the net transfer to your son-in-law.
Is this capital gains? Not my principal residence, removed my name from title when my daughter married and put her husbands name on?
What are the tax implications for removing an individual's name from the title to a property when the property is not the person's primary residence and does not own another but is renting?
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